Making key decisions during a time of increased market stress has placed further pressure on firms’ operations teams and existing technology. For many firms, the all-remote work environment has brought to light a number of challenges spanning across data management processes and procedures.
Organizational success depends on certain core building blocks that work in alignment with common business objectives. These main building blocks include business activities, data and analytics, but we believe the most important ingredient to organizational success is data governance. Although it has been somewhat of an abstract concept until now, data governance has been shown to provide cohesion in the standards to align people, processes, data and technology for successful and sustainable results while simultaneously helping organizations leverage data as a corporate asset.
Why is Data so Critical?
Data is essential to the operational success of any financial institution. The importance of data has never been greater due to the firms and people who rely on it to make key business decisions. The rising popularity of algorithmic trading, machine learning and artificial intelligence has only further fueled the power of data. With power comes great responsibility, and the need to protect, control and maintain data is essential for firms to succeed with proper data management.